Economics Exam Past Questions and Answers | JAMB, WAEC and NECO

Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.

• Question 561:

  If the pass mark was 40, how many students passed the examination?

  Options:
  A) 100
  B) 120
  C) 160
  D) 200
  Show Answer
  The correct answer is C .
• Question 562:

  

  The interdependence between households and business enterprises illustrated in the figure is known as

  Options:
  A) Market interaction
  B) Cash flow
  C) Circular flow of income
  D) Supply and demand for goods and services
  E) Household preference schedule
  Show Answer
  The correct answer is C .
• Question 563: Which of the following BEST describes the production function? Options:
  A) it indicates best output to produce
  B) it relates naira inputs to naira output
  C) it relates physical outputs to physical inputs
  D) it indicates the best way to combine factors to produce given output
  Show Answer
  The correct answer is C .
• Question 564: Inflation can be curbed by Options:
  A) increasing aggregate demand
  B) paying higher wages
  C) increasing government expenditure
  D) reducing aggregate demand
  E) a deficit budget
  Show Answer
  The correct answer is D .
• Question 565: For an inferior good, a decreased in real income will lead to? Options:
  A) a lower equilibrium price
  B) a change in quantity demanded
  C) an outward shift of the demand curve
  D) an inward shift of the demand curve
  Show Answer
  The correct answer is C .
• Question 566:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 567:

  The elasticity of demand for a firm's product is 2.

  If the firm reduces its price by 20 percent, its sales revenue will increase by?

  Options:
  A) 10 per cent
  B) 20 per cent
  C) 30 per cent
  D) 40 per cent
  Show Answer
  The correct answer is D .
• Question 568:

  Effective demand for a commodity is desire for that commodity backed by_______

  Options:
  A) a wish for the lowest possible price
  B) ability and willingness to pay
  C) cash in one's pocket
  D) a promise to make payment
  Show Answer
  The correct answer is B .
• Question 569: Industrialization is a prerequisite for balanced economic growth because it Options:
  A) encourages trade liberalization
  B) stimulates the development of all sectors
  C) enhances productivity in the manufacturing sector
  D) expends employment opportunities in urban areas
  Show Answer
  The correct answer is B .
• Question 570: If the increase in the price of yams is used to estimate the inflation rate, this is an example of Options:
  A) deductive reasoning
  B) inductive reasoning
  C) normative reasoning
  D) positive reasoning
  Show Answer
  The correct answer is B .